Berino, New Mexico Property Taxes
The median property tax rate in Berino, NM is 1.02%, slightly higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Berino at $24,364, the typical annual property tax bill amounts to $234, which is significantly lower than the national median of $2,690. Property taxes in Berino are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Berino's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Berino or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Berino, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$249
Ownwell’s Berino Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Berino with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berino to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Berino, New Mexico
Property taxes in Berino, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berino is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Berino set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berino estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Berino's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88024 has the same median property tax rate of 1.02%. Understanding how these cities compare with Berino provides valuable insights into the varying tax landscape across Doña Ana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berino Tax Rate
1.02%
Average Doaana County Tax Rate
1.02%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88024 | 0.77% | 0.97% | 1.02% | 1.02% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Berino, New Mexico
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Berino, New Mexico. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Doa Ana County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Berino, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Berino is $24,364, with property tax bills ranging significantly. The 25th percentile tax bill is $127, while the 75th percentile tax bill is $938, and the 90th percentile tax bill is $1,325. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Berino helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berino Assessed Value
$24,364
Average Doaana County Assessed Value
$120,428
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88024 | $7,479 | $12,500 | $24,364 | $92,641 | $130,053 |
Source: Ownwell
Property Tax Bills Across Berino, New Mexico
In Berino, located in Doña Ana County, NM, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in Berino see a range of property tax bills, with the 25th percentile at $127 and the 75th percentile at $938. The median home price in Berino is $24,364, which significantly influences the tax bill. Several factors contribute to the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. For instance, properties in the 90th percentile face tax bills as high as $1,325. These tax bills directly impact homeowners' finances, potentially influencing their ability to afford their homes and other expenses. Property taxes in Berino are relatively lower compared to the national median property tax rate of 0.99%, making it a more affordable option for homeowners.
Average Berino Tax Bill
$234
Average Doaana County Tax Bill
$1,201
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Berino, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88024 | $66 | $127 | $234 | $938 | $1,325 |
Source: Ownwell